TO THE MEMBERS OF RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED REPORT TO THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements Rishabh Digha Steel And Allied Products Limited (the Company), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss for the year ended, The Cash statement as on March 31, 2024 and a summary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :
(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2024;
(b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
Due to COVID-19, the business operations of the company were totally disrupted and the management could not find the best possible way to retrieve the business operations back on track. The management had then decided to stop the business operations in totality and thus the company had suffered the losses till 31st March, 2024. The company during the year under audit has disposed of their fixed assets comprising of leasehold land, factory building and structures. The total assets of the company are sufficient to meet the liabilities of the company and this will not affect the going concern of the company.
EMPHASIS OF MATTERS
There are no matters to be emphasized as there are no litigations against the company
The impact of COVID-19 has been addressed in the Para : Material Uncertainty Related To Going
Concern mentioned above.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of India in term of sub section (11) of section 143 of the Act, as the same is applicable we do give in the Annexure A statement on matters specified in Paragraph 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books except for the matters stated in the paragraph below on reporting under Rule 11(g).
c) In our opinion, the company does not have any branch offices during the year under audit and therefore we refrain from giving remarks / qualifications under section 143(3)(c ).
d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
e) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
f) In accordance with our examination and assessment, we have not identified any material uncertainties that cast significant doubt on the company's ability to operate as a going concern.
g) On the basis of written representations received from the directors as on 31 March, 2024, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2024, from being appointed as a director in terms of Section 164(2) of the Act.
h) The reservation remark with respect to the maintenance of accounts are as stated in paragraph (b) of Report on Other Legal and Regulatory Requirements above on reporting under section 143(3)(b) and paragraph (j)(vi) of Report on Other Legal and Regulatory Requirements below on reporting under Rule 11(g)
i) With respect to the adequacy of internal financial control over the financial reporting of the company and the operating effectiveness of such controls refer to our Separate report in Annexure B.
j) With respect to the other matters included in the Auditor's Report in accordance with rule 11 of the Companies (Audit and Auditors) Rule,2014,in our opinion and to our best of our information and according to the explanations given to us :
i. The Company does not have any pending litigation which would impact its financial position.
ii. The Company did not have any long-term contracts including derivatives contracts for which there can be any material foreseeable losses.
iii. The company did not have any pending funds to be transferred to the Investor Education Protection Fund.
iv. The company during the year directly or indirectly has not lended or invested in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries from its own funds or from funds received from the Funding Parties as described.
v. The company has not paid or declared any dividend during the year.
vi. Based on our examination, the company has migrated their accounting software during the year and is in the process of establishing necessary controls and documentations regarding audit trail (edit log). Consequently, we are unable to comment on audit trail feature of the said software.
For M/s. Akshay D Shah & Co. LLP
Chartered Accountants
Sd/-
CA Kunal B Lodaya (Designated Partner)
M.N. 183189 FRN.121865W
UDIN : 24183189BKBIXH6059 Place: Mumbai Date: 28-05-2024
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